Delphi To Cut Bonuses To Win Ch. 11 Plan Approval

Law360, New York (January 22, 2008, 12:00 AM EST) -- A judge has given the green light to Delphi's Chapter 11 plan but will wait for the company to slash proposed emergence bonuses for executives before entering the formal approval order.

Delphi spokesman Lindsey Williams said Wednesday that U.S. Bankruptcy Judge Robert D. Drain of the Southern District of New York had confirmed the restructuring plan pending changes to its executive compensation section.

Delphi will amend the plan and the confirmation order will be entered by the court, according to Williams, who added that Judge Drain...